GeoComply bolstered by new minority investments amid 2023 expansion plans
Geolocation firm nets support from US investors Norwest Venture and Arctos Sports
GeoComply has secured of minority investments from US-based hedge funds Norwest Venture Partners and Arctos Sports Partners as it looks to scale up its operations.
Delivering an update to the markets, GeoComply confirmed its second and third institutional investment partners following the recruitment of fellow hedge fund Blackstone as an investor 18 months ago.
Both investment groups will support GeoComply’s continued growth in its core markets and help accelerate its expansion into financial services and media rights management.
GeoComply has also said it plans to take its Ground Truth Geolocation platform into “broader technology markets” while also building out its existing gambling-related scale into other industries.
Based in the US, Norwest is a multi-stage venture and growth equity investment firm which manages more than $12.5bn in capital, funding more than 650 companies since its inception.
Arctos targets funding of professional sports franchise owners in the US leagues and sports organisations, as well as technology and services companies working within the sports ecosystem.
Speaking about the additional investment, GeoComply co-founder and CEO Anna Sainsbury said she was “excited” to be working with the investment duo, citing the need for GeoComply technology to focus on restoring public trust following a wide range of well-publicised cyberattacks in the US.
“Despite a challenging tech environment, GeoComply has continued to invest and expand our product and services. Every division of our company is driven by a shared passion to address the evolving challenges facing our communities,” Sainsbury explained.
“For example, our team is leveraging our technology to tackle the high-profile compliance failures across the cryptocurrency landscape that have impacted millions of consumers worldwide.
“We have big plans for 2023 and beyond and continue to hire and expand as we bring our products and services to more markets and verticals,” she added.